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German Job Market Slowdown

Germany's economic slowdown is impacting its job market, with reduced hiring across multiple sectors. Experts predict slow growth in the coming years.

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German

Germany

EconomyGermany Labour MarketUnemploymentGrowthJobs

Ifo InstituteBundesagentur Für ArbeitDihk (German Chamber Of Industry And Commerce)Statistisches Bundesamt

Klaus WohlrabeAndrea Nahles

Which sectors are most and least affected by the reduced hiring activity?: While some sectors like IT and tourism are experiencing growth, the industrial and retail sectors are significantly impacted by reduced order books, leading to decreased hiring. Service and construction sectors show a relatively stable employment outlook.
How is the current economic climate impacting unemployment rates in Germany?: The weak economy is resulting in a subdued fall in unemployment, less than what is typical for the autumn season. This is consistent with the overall slow economic growth and reduced hiring across multiple sectors.
What is the overall impact of Germany's economic slowdown on the job market?: Germany's economic slowdown is significantly impacting the job market, with companies reducing new hires. The hardest hit sectors are manufacturing and retail, while IT and tourism show some growth. Experts predict weak economic growth for 2024.
What does the Ifo Institute's employment barometer indicate about hiring trends?: The Ifo Institute's employment barometer fell to its lowest point since July 2020, indicating a decrease in hiring activity across various sectors. Companies are primarily avoiding new hires rather than laying off existing employees.
What are the expert predictions for Germany's economic growth in the coming years?: Experts predict slow or stagnant economic growth for Germany in 2024 and 2025, respectively. This is largely fueled by the persistent economic slowdown and reduced industrial energy consumption, down 7.8 percent in 2023 compared to 2022.

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